In the second quarter EY’s Canadian Mining Eye index which tracks the performance of 100 TSX and TSX Venture mid-tier and junior companies managed to show gians for the first time in a year.

The index which is constituted of companies with a market value of between $65m and $1.8bn gained 4% during Q2 2015, as compared to a 1% decline in Q1 2015. This was the first quarterly gain since Q2 2014.

The performance comes into the teeth of lower metals prices – gold was down 2% during the quarter, copper dropped 5%, nickel and lead were down 3% and 5% while and zinc slipped 4%.

Bruce Sprague, EY’s Canadian Mining & Metals Leader says despite the slump “a few compnies surprised investors with better-than-expected financial results, higher production data, accretive acquisitions and steady progress on planned projects. While companies remain cautious about their capital expenditure and are focusing only on high-return, priority investments-that strategy seems to be paying off.”

Perhaps more encouraging than stock market performance fundraising by miners are also picking up compared to a dismal 2014.

According to EY Total proceeds of $2.2bn were raised by TSX- and TSXV-listed mining companies during the quarter. While that is down 28% compared to Q1 2015, it represents a jump of 62% as compared to the same period a year ago.

TMAC Resources had a successful IPO to raise $135 million for its Hope Bay gold projects, Largo Resources raised $75.2m in a private placement for the development of its Brazlian vanadium mine, Trevali Mining secured $30.6m in a secondary public offering destined for its Caribou Zinc Mine in New Brunswick, Rubicon Minerals executed a $30.2m private placement towards Canadian exploration expenses while First Majestic Silver raised a similar amount privately to advance its Mexican properties.

• [Editor:Juan]